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Tuesday

29 September 2020

Bitcoin can hit $16K but only if this resistance level finally breaks

Bitcoin can hit $16K but only if this resistance level finally breaks


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Bitcoin can hit $16K but only if this resistance level finally breaks.

Therefore, the price of Bitcoin retraced south, making the marked green zone as the most important support zone right now. .

If we compare that to the current price action, the upper range resistance is $11,800, and the lower range support is $9,200.

The total market capitalization of cryptocurrencies is showing a healthy correction in an upward trending market. .

For the first time since June 2019, the total market capitalization created a new higher high (based on candle closes), which is a bullish signal.

In that case, the total market capitalization of crypto is still acting above the 100-week and 200-week Moving Averages (MAs) with crucial support beneath the current market cap

If the total market capitalization holds the $270-275 billion areas for support, further continuation upward is likely

But if the price of Bitcoin rejects at $11,000, it’s very likely to continue making range-bound movements and the possible closure of the CME gap at around $9,600

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cointelegraph.com
Market data feeds provided by cryptocompare.com
bitsmart 2018